Kamala Harris Flunks Econ 101

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Unleash Prosperity Hotline – Weekend Edition
Issue #1083
08/16/2024 – 08/18/2024
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1) Kamala Harris Flunks Econ 101
Today Kamala Harris delivers her big speech on fixing the economy and inflation – that is to say, fixing the economic crisis Joe Biden and she created.

The centerpiece of her plan is the imposition of price controls on greedy corporations she says are gouging and fixing prices to shaft consumers. Even the Washington Post has trashed the plan, advising Kamala that if you are being accused of being a socialist/communist, maybe you shouldn't endorse communist interventions.

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Are grocery stores, 7/11, gas stations, and Walmart guilty of price gouging? Our ace economist EJ Antoni has noted that producer prices have risen at almost the precise rate that consumer prices have risen.

The San Francisco Fed found the exact same thing ([link removed]) a few months ago: "An increase in pricing power would be reflected in price-cost markups... aggregate markup across all sectors of the economy... has stayed essentially flat during the post-pandemic recovery."

Producers and businesses aren't gouging, Kamala. They are charging prices that cover their costs. The government doesn't have to do that, because under your administration, they will continue to run $2 trillion deficits from now until the cows come home. Private companies are in business to make a profit. If they don't, they are soon out of business.

We wouldn't suspect that Kamala would have even a clue of any of this because neither she nor her sidekick, “Coach ([link removed]) ” Walz – has even an ounce of business experience. Profit is only a dirty word if you've never made one.

NO BUSINESS EXPERIENCE (according to The New York Times)
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2) Price Controls Have a Perfect Record: They've Never Worked Anywhere at Anytime

Those of a certain age will recall that back in 1971 when prices were spiraling out of control, Richard Nixon announced an executive order: "I am today ordering a freeze on all prices and wages throughout the United States." The 90-day freeze was enforced by a "Pay Board" and a "Price Commission." It was an utter failure. After the 90 days were up, prices skyrocketed.
So naturally, Kamala wants to give it another try. Grocery stores, other retail outlets, and landlords will be restricted in how much they can raise prices. Rent increases above 5% will be illegal.

Have industry price controls EVER worked? No, price controls almost invariably cause shortages, which lead to higher prices, which make consumers worse off. This was the conclusion of a landmark study by Cliff Winston of the Brookings Institution.

One of the first executive orders under Reagan was to lift all remaining oil and gas price controls and in a snap, the oil crisis ended.

ENDING PRICE REGULATIONS REDUCED PRICES
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3) Inflation Still Almost Three Times Higher Than Under Trump

Speaking of rising prices, you've probably heard the good news: inflation dipped to 2.9% last month. So now it is only double the rate it was when Trump left office. And over the 42 months of the Biden/Harris presidency prices are up 19.4% versus 6.2% for Trump over a similar time period.

Biden and Kamala want to take a victory lap? Amazing.

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4) Chicago Is The Perfect City for Democrats to Showcase How Progressive Governance Works
Democratic delegates are already streaming into Chicago for their presidential nominating convention. The city is a fitting demonstration project for the ruin their progressive ideas created.

Columnist George Will presents the bill of indictment:

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5) The Left REALLY Doesn't Want You to See New Reagan Film
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On August 30, 3,500 theaters will show the big-budget film about Ronald Reagan.

"Reagan" tells the inspiring life story of how Reagan revived America's economy and spirits while winning the Cold War. Dennis Quaid is cast as Reagan and he says it is his favorite of all the 85 films he's made.

Quaid called out Facebook for throttling the marketing of the film. "I have personal experience with Facebook banning and suspending advertisements and promotion of the film," he says in a statement.

The most egregious example involves a post that contains the title of the movie and an image of Quaid along with a quote from the 40th president; "Don't let anyone tell you that America's best days are behind her--that the American spirit has been vanquished." It has been suppressed. Meanwhile, clips of Quaid discussing the movie on TV and podcasts caused the suspension of the movies Facebook account at least twice.

Facebook has made a series of lame complaints that the movie is "too political."

Gee, nothing else you will find on Facebook is political!

And films about Abraham Lincoln, LBJ, and Barack Obama that were released in an election year suffered no restrictions.

Facebook is a private company with a private social media network, so it should be able to post and not post whatever it wants. Originally Facebook denied the censorship, but to its credit the company has since admitted that "we did identify a handful of ads from this account that were incorrectly rejected.....This was a mistake and the restriction on the ads has been lifted."

We haven't seen the film yet, so we can't recommend it, but our attitude is that the left's campaign against the film is all the more reason to watch it.

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6) You Can Trust Kamala's Promise to Tame Inflation

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